● Loan Payments® is built by Paymentus, recognized by Aite-Novarica as the “Best in Class” industry leader for Biller Direct EPPP solutions
● The new Payveris service is powered by the Instant Payment Network®, the only integrated ecosystem of real-time digital bill presentment, payment and money movement capabilities on the market
CROMWELL, Conn., June 17, 2022 /PRNewswire/ — Leader of the Modern Money Movement Payverisa division of Paymentustoday launched loan payments®, a cutting-edge loan and debt repayment service with the widest range of real-time payment methods and channels available on the market. Loan payments® is designed to help financial institutions meet growing consumer demand for fast, convenient, and secure payment methods and channels, while reducing operational overhead, driving better customer engagement and loyalty.
A Aite-Novarica Group Survey from 2021 revealed that 89% of consumers wanted more real-time payment options from their digital banking experience. While consumers are enjoying more payment choices, speed and convenience in just about every other aspect of their financial lives, they expect the same from their loan payment services – and aren’t happy with the status quo. what about financial institutions. In fact, a recent JD Power study found that non-bank loan servicers experienced a 17% increase in customer satisfaction, while banks experienced only a 4% increase.
“When financial institutions make it harder to accept and receive payments through coupon books or legacy loan payment systems, borrowers are less likely to consider them for their next loan,” explained the chief innovation officer. by Payveris. Marcello King. “Offering choice, speed and autonomy is no longer a bonus, but a baseline expectation for consumers. Financial institutions need to seriously rethink their loan payment experience and meet customers where they are, and Loan Payments® can help them get there. Whether it’s a car loan, a personal loan or a mortgage, the days of consumers using a coupon book are over.”
With Loan Payments®, financial institutions can deliver a true omnichannel experience that matches what consumers expect from shopping or paying bills. Payment methods supported by Loan Payments® include cash, debit card and eCheck/ACH. Loan Payments® also allows consumers to choose their preferred payment channel, whether online, mobile, SMS, PayPal app, Amazon Alexa, Walmart, or directly through their bank or credit union. Along with added convenience and flexibility, Loan Payments® gives financial institution customers more control over how they automate and schedule payments, and the ability to split their payments across multiple methods at once.
Reduce overhead and retain consumers
Financial institutions that offer dated loan payment experiences — in which no-deposit customers can’t easily pay their loan bill online, make payments using a variety of sources, or have their payments posted in real time — are hoarding no more overhead in the form of incoming phone calls. With a suboptimal loan payment experience, financial institutions practically invite these costly interactions with their customer service representatives. This problem only gets worse with scale.
WSECU, a Payveris customer since 2020, is one of the first financial institutions to have planned to deploy Loan Payments®. “Our first priority is to improve the loan repayment experience for members, making it simpler and giving them more options,” said Melissa Wolff, Vice President, Operations Support and Payment Services at WSECU. “Payveris helps us do that, and that alone is a big win. But we also gain more from it, including the operational efficiency that comes from not managing disparate processes. Now everything is centralized in a single system of payment processing, regardless of which option best meets the needs of an individual member.”
Financial institutions also have another way to boost customer engagement and loyalty.
“Customer loyalty has traditionally not been a priority for loan servicing – your borrower owes you a debt, so it’s not like they can easily take their money elsewhere,” King added. “But in today’s lending landscape, financial institutions that are successful in modernizing payments are strengthening their customer relationships and positioning themselves to convert indirect borrowers into full-fledged customers, pursue more cross-sell opportunities, and increase value. lifetime of a customer.
Loan Payments® was first developed by Payveris’ parent company, Paymentus, recognized by Aite-Novarica as the “Best in Class” industry leader for Biller Direct EPPP solutions. The solution is powered by Instant Payment Network®, the only integrated ecosystem of real-time digital bill presentment, payment and money movement capabilities on the market. The Instant Payment Network® is currently trusted by many Fortune 500 companies, with more than 10 million consumers relying on it to make payments.
Other key benefits Loan repayments® offers include:
Guest Pay – Most financial institutions do not have a customer payment option, which creates friction in the loan repayment experience for indirect customers. Loan payments® solves this problem by improving the user experience for the consumer while helping financial institutions convert indirect lending members into primary account holders.
Alerts and Notifications – Loan payments® has smart alerts and notifications sent directly to borrower’s mobile devices to help them stay on top of their loan repayments.
Compliant and secure – The PCI Level 1 compliant EBPP platform ensures that electronic payments are secure and compliant with industry standards, offloading the burden and cost of compliance.
Secure Service® – Consistent call center experience that eliminates PCI scope, minimizes risk to financial institutions, and protects customer payment information when sharing details over a mobile channel.
To discover other solutions offered by Payveris, visit www.payveris.com. For more information on Loan Repayments®, visit https://www.payveris.com/retail-banking/loan-payments.
Payveris, a division of Paymentus, is the creator of the MoveMoney℠ platform, an Open API cloud-based platform that enables more than 265 financial institutions to control, simplify and extend intelligent digital payment capabilities and more engaging money movement to their users through any app or device while dramatically reducing operational costs and protecting their IT investment for the future. Visit www.payveris.com to learn more.
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